February Market Snapshoot

It may be winter, but it doesn't feel like it. Sure, temperatures seem to be warmer than normal, but prices are growing more quickly than "normal," too. In February 2013 compared to February 2012, prices increased 50%. And homes are selling further over asking - 4.4% to be exact - which is 9.4 points higher than where they were a year ago. Much of this is driven by low inventory: sales are down 39%, and inventory is down over 60%. We expect that activity will pick up in April, but whether it will be enough to satiate buyer demand remains to be seen. Stay tuned for first quarter numbers.....

January 2013 Market Snapshot

January is traditionally one of the lowest months of the year in terms of closed transactions. With such low inventory, this year's closings were even lower than normal, down 18% versus 2011. But demand remains extremely high, pushing prices up in every city to average a 43% increase. That's the greatest year-over-year increase in 3 years. Finally, homes are selling 3.2% over original listing price. That's 8.1 points higher than last year. We expect February will remain slow but competitive, and with interest rates as low as they are, we don't expect demand to lessen anytime soon.

February Newsletter

Want to know what Dr. Ken Rosen have to say about the real estate market moving forward? Read it in my February newsletter at my website

First Sales in 2013

Recent Sales - 200 Lakeside Dr, Oakland

The Regillus at Lake Merritt with beautiful formal garden and architectural details. Walk to the lake or downtown Oakland. Built in 1924.

2012 Q3 Market Snapshot

Each August buyers take vacations and fewer sellers list their homes. As a result, sales decrease in September. This year, September sales were down 18% versus the same time last year, as more buyers took a breather from the competition. This buyer break was more than off-set by the drop in supply. Prices did not suffer, but rose 18% versus last year. Competition remained fierce as properties sold an average of 0.6% above original list price, a full 5.8 percentage points higher than last year. Now we see that October availability is picking up, as 14% more properties were listed after Labor Day than the same time last year, but the buyers are back, demand remains high, and the competition continues.

Recent Sales

2907 Dwight Way, Berkeley List Price: $670,000 Sold Price: $620,000

1523 Brunswig Lane, Emeryville List Price: $385,000 Sold Price: $416,000

Market Snapshot

This year, the real estate market started slowly: the first quarter was unusually quiet. But that all changed in the spring: fueled by low supply and strong demand, active inventory dropped to 54% lower than the same time last year. July, which is usually a slow month, remained very strong. Sales were up 15% versus the same time last year, with some cities seeing up to 90% growth (El Cerrito). Prices were up a notable 12%, and although they were mixed, some cities saw 26% (El Cerrito) and 29% (Oakland) growth. And properties continue to sell further above asking price, now at 2%. In fact, homes in Berkeley are selling 5.9% above list. We expect that August numbers will be lower due to the typical summer slow-down, but we hope to see a burst of activity after Labor Day.

Time To Refinance

We just refinanced our Piedmont house, securing a 30 year fix at 3.5% for a jumbo conforming loan! Time to celebrate with a glass of good wine. I encourage you to talk to a few lenders and get a quote. Don't miss out on this great opportunity. If you need suggestions on lenders, let me know.

Witter Field All to Ourselves..

Look at this beautiful track and baseball field! Now that school is over, Witter Field is now our backyard - We are one house away from this amazing open field. There is a track, 3 baseball fields, kids play structure, and a dog park! We love summer and love living in Piedmont!

Jenny's Recent Sales

I live in Piedmont.....

My husband and I bought our mid-century home right next to Witter Field in June 2009. When I saw it, I knew this was perfect for us. We had to bid out two other offers, go through inspections and 4 months of remodeling before moving in. We remodeled the kitchen, bathroom, upgraded the electrical system, bolted the foundation, installed a tankless water heater and more. It has almost been 3 years since we moved in and we have enjoyed every second of living here in this house and this wonderful neighborhood. Here is a video clip of Piedmont created by Red Oak Realty.

Blueberries in Piedmont

Yes, you can grow blueberries in Piedmont! Our backyard gets plenty of sunlight, so the fruit trees are flourishing. These big juicy blueberries will be ready for harvest very soon. We have 11 shrubs that we planted 3 years ago. They have doubled in size and production has more than doubled too.

Parking Around Witter Field

Parking can be tricky especially around this time of the year around Witter Field. The field is busy with events starting May and parents often find it difficult to find parking. Most streets close to the field has "Resident Only" parking signs with specific hours. So be very careful and read the signs, or you will be served with a parking ticket.

Piedmont Inventory At a Glance

123 properties sold in Piedmont since May 2011, with a median price of $1,200,000 and 14 median days on the market. Inventory is low, so lots of competition between the buyers!

Piedmont Median Home Price

Just obtained this live chart from Altos Research. Seems like a great time to buy in Piedmont. Please contact me if you want to chat more about this graph.

Basketball and Soccer for Dads

We are so lucky to live close to Witter Field at Piedmont. There is pickup soccer every Sunday morning, and also basketball every Wednesday night and Sunday morning -- all within walking distance for my husband. If you want more information about these wonderful programs for dads, please contact me.

Piedmont Swim Club

This will be the final few months before City of Piedmont take over PSC. The facility will transition to the city as of June 30th, 2011. So we have a few months to take swim lessons at PSC at a discount. I wonder how this transition will impact the Piedmont residents. Everyone is waiting patiently and hope that the transition will not affect the daily operation of the pool as we are heading into the beautiful warm summer days.

YuMing Charter School

YuMing is a public charter school that was approved by Alameda County a few months ago. It is the first Mandarin immersion school in the East Bay. There was so much interest that a public lottery was held to choose only 100 students out of the 220 applicants. Language Immersion Programs have always been popular among parents although extremely difficult to get in due to the lack of schools. I am especially excited about YuMing since I would also like for my kids to learn a second language and master it. 2 hour language class every Saturday is just not enough. =) Next year, our oldest son will be old enough to apply for Kindergarden!! Many people asked me if I would choose this new Mandarin immersion charter school over Piedmont elementary school. My answer is YES. =) (For now anyways) Who knows, maybe Piedmont could develop a Mandarin immersion program in one of their elementary schools.

Pickup Soccer at Witter Field

Pickup soccer at Witter Field every Sunday from 9am to 11am! My husband has been enjoying his Sunday morning exercise this way since we live only 2 houses from the tracks. I have seen a father who came with 3 teenage kids. They kept themselves entertained at the open space while the dad enjoyed a game or 2! What a healthy way to spend Sunday morning.